Here is who I've contacted based on the referral, they were very helpful.

We are based in Arizona, just outside of Phoenix and have been investing in the Midwest.  

We were able to get out of that contract based on that alone (there were other issues, too).With that said, septic and well can be good.

Ray Reed property tax can disturb cash flow but should not be the base of not purchasing a property as a rental.

NOI = $6,592Property tax $200Insurance $300 (This is not an exact quote but from reading expecting $200 - $300 -- Trying to stay conservative)HOA $540 (Although there was no HOA actually listed I went with similar neighborhoods HOA fees.)Maintenace $1,200 (The home looks updated so wasn't really sure how to estimate this.)3.CAP = .104.Cash Flow = $3,773.32This is based on a $51,920 @ 30 years @ 3.56%5.Cash on Hand Return29%If these numbers are a good indication of what to expect how do I do that thing where I get in with no money down?

Treating it like a business is a good mindset to have when starting as a realtor.I would get a base of knowledge of the contracts, take a packet home and actually read through the whole thing... know it front to back and upside down.After that, I would start getting a COI together, when I first started I did not do that, and I could only wonder how much business I would've done if I had.Highest and Best time -> Getting in front of Motivated Sellers and Buyers.

The estimates, one from a guy we've used before and another local contractor, are in the 200-300k range.Those estimates sound wildly inflated to me based on quite a bit of research I've done online.

David,Are you interested in anything that fits your criteria in the Fayeteville NC area, near Fort Bragg military base.

I would get the seller to do profit participation based on the new infrastructure that's built.

It is probably not the best deal to be had based on the amount of cash out of pocket, but for a first investment property, I would call it a success.